Bitcoin, the flagship cryptocurrency, has notably been seeing its price plummet in the last few weeks, so much so that it went under the $5,000 mark for the first time since October of 2017. Per an experienced analyst, it may still dip under $4,000.

According to MarketWatch Naeem Aslam, chief market analyst at Think Markets UK, the flagship cryptocurrency is “likely” going to hit a $3,500 low if its current downward momentum continues, after failing to break out above $4,700. He was quoted as saying:

Bitcoin is likely to move even lower after a failed attempt to break above the $4,700 level. The regulatory environment is suffocating the bulls and the bears are going wild. It is likely that the price may touch the level of $3,800 or even $3,500 if the current momentum continues.

Other analysts, as covered, have claimed bitcoin is approaching a buy zone close to the $3,500 mark, as the cryptocurrency is set to bounce off of its support there. While it may not recover to its recent highs after bouncing, it may be a profitable opportunity, CrackMarkets’ Jani Ziedins claimed.

According to CryptoCompare data bitcoin appears to be on its way to $4,000. At press time, the cryptocurrency is trading at about $4,300 after falling 0.8% in the last 24-hour period.

As for other cryptocurrencies, Aslam noted that the decline may be more concerning for Ethereum’s ether, as a “large number” of poor coins have been launched on its network.

The most worrying aspect is that Ethereum could fall below the 100-mark and the honest truth behind that is because a large number of bogus coins have been flushed out of the system and this has made Ethereum less valuable-

ETH is currently trading at about $121.7 after falling 1.7% in the last 24-hour period. It has notably seen its price plummet from nearly $300 in the last three months. Other altcoins, including EOS, LTC, and Zcash are down in the last 24 hours, by between 0.5% and 1.3%. The XRP token is down considerably, as it lost 3.1% of its value in said period.

Curiously, some altcoins are up in the above-mentioned period. NEO, for example, is up 1.1% as it’s trading at $8.5. Dash rose 0.6%, to trade at $101.6. Tron’s TRX token has also been on the rise, and is up by 0.7% as it’s trading at $0.014.